My husband and I found a va foreclosure in our area that we liked and received and accepted offer from the va. My agent had told us about the va vendee loan program, which is a no money down mortgage loan offered by the va, but the financing goes through bank of america.
We received a preapproval for the loan and were assured by our mortgage loan officer that we had sufficient income to afford our current home, which we all ready had renters set up for, and the new home, if necessary.
After receiving the preapproval it took them almost another month to get the paperwork we submitted to a loan officer, which was back in January. We had to resubmit the documents numerous times because they kept getting misplaced. Our loan processor also assured that the income was fine and we had plenty of reserves.
Lo, and behold, the day before closing, we receive a denial for insufficient income. We lost the house and the renters were forced to look for somewhere else to go.
It took them 3 months to turn us down for something that should have been caught at the application stage. I would not recommend them to anyone.
Review about: Bank Of America Loan.
Monetary Loss: $1200.